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RBI Says 99.3% Banned Notes Returned to Banks

RBI Says 99.3% Banned Notes Returned to Banks

The 99.3 percent of the old Rs 500 and 1,000 notes, that was banned overnight in November 2016, have been returned, the Reserve Bank of India annual report. Of the Rs, 15.41 lakh crore worth of Rs 500 and Rs 1,000 notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned. The SBNs received were verified, counted and processed in the sophisticated high-speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.SBNs refer to the demonetized old Rs 500 and 1,000 notes. The difference between the outstanding currency notes in circulation before demonetization and the currency notes returned to the RBI, which is Rs 10,720 crore, has now been shifted to the RBI’s ‘Other Liabilities and Provisions’ segment. This amount was earlier a part of ‘Notes issued’ segment.

The 99.3 percent of the old Rs 500 and 1,000 notes, that was banned overnight in November 2016, have been returned, the Reserve Bank of India annual report.

Of the Rs, 15.41 lakh crore worth of Rs 500 and Rs 1,000 notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned

The difference between the outstanding currency notes in circulation before demonetization and the currency notes returned to the RBI, which is Rs 10,720 crore, has now been shifted to the RBI’s ‘Other Liabilities and Provisions’ segment.